Palisade Asset Management LLC Boosts Stock Position in Medtronic plc (NYSE:MDT)

Palisade Asset Management LLC lifted its position in Medtronic plc (NYSE:MDT) by 1.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,091 shares of the medical technology company’s stock after purchasing an additional 636 shares during the quarter. Palisade Asset Management LLC’s holdings in Medtronic were worth $4,868,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MDT. Fortitude Family Office LLC purchased a new stake in Medtronic during the 4th quarter valued at about $25,000. MeadowBrook Investment Advisors LLC purchased a new stake in Medtronic during the 4th quarter valued at about $27,000. Financial Gravity Asset Management Inc. boosted its holdings in Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares during the period. Princeton Global Asset Management LLC purchased a new stake in Medtronic during the 3rd quarter valued at about $31,000. Finally, Hartford Financial Management Inc. boosted its holdings in Medtronic by 52.1% during the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock valued at $39,000 after acquiring an additional 164 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the transaction, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the subject of several analyst reports. Truist Financial increased their target price on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Oppenheimer upped their price target on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Finally, Mizuho upped their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $94.91.

Medtronic Stock Down 0.4 %

Shares of Medtronic stock traded down $0.35 during midday trading on Wednesday, hitting $81.55. The company had a trading volume of 4,130,247 shares, compared to its average volume of 6,150,321. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The stock has a market capitalization of $108.28 billion, a P/E ratio of 26.01, a P/E/G ratio of 2.66 and a beta of 0.78. The company has a 50 day moving average of $83.01 and a 200 day moving average of $81.69. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.00.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.04. The company had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.30 EPS. On average, equities analysts predict that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were paid a dividend of $0.69 per share. The ex-dividend date was Thursday, March 21st. This represents a $2.76 annualized dividend and a yield of 3.38%. Medtronic’s dividend payout ratio is 87.90%.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.